Heretofore, an air drying type alkyd resin modified with an aliphatic acid has been used in large quantities as paint, adhesive, sealant, caulking agent, vehicle for printing ink or the like. However, when an alkyd resin is used for these applications, a solvent acting as a thinner must be used with the resin to increase its workablity. A solvent is only required at the time of use of the alkyd resin. After application the solvent dissipates into the atmosphere. From the stand-point of air pollution control, safety for workers and saving of resources, therefore, the use of a solvent is not always desirable.